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Ripple Rival Stellar (XLM) to Give Out Millions of Dollars to Developers, Here's Why

Wed, 02/08/2023 - 16:23
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Gamza Khanzadaev
Stellar Development Foundation creates multimillion fund to boost new smart contract platform
Ripple Rival Stellar (XLM) to Give Out Millions of Dollars to Developers, Here's Why
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As nonprofit organization Stellar Development Fund revealed today, a separate $10 million funding line has been opened within its community fund, but it is only available for certain initiatives. Thus, developers, whose field of activity lies in improving Soroban, the new smart contract platform built for Stellar (XLM), will be able to apply for support from the new fund.

Soroban is currently in testing and is expected to launch in the first half of 2023. Earlier, a $100 million Soroban Adoption Fund was also established to support its development. The aim of the platform is said to be to provide a complete developer experience to scale and access financial rails through Stellar.

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Earlier, at the end of January, another innovation was also presented concerning Soroban. Stellar presented the BucketListDB mechanism, which will combine two existing data structures and thus increase efficiency and speed.

Stellar (XLM) insights

Against the backdrop of such big budgets and technological efforts, it is interesting how much demand there is for Stellar. Thus, according to StellarChain, the number of accounts on the network currently stands at 7.28 million, which by comparison is almost 3 million more than in XRP Ledger.

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The number of transactions per second on Stellar is 39, which is comparable and even slightly higher than on Ethereum. In the last 24 hours, according to the same source, 3.32 million transactions have gone through the blockchain.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.